Refinance Loan Programs

If you refinance, your total finance charges may be higher over the life of the loan.

FHA Streamline Refinance:

The FHA Streamline Refinance is a great mortgage product, designed for homeowners with existing FHA mortgages. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.

The FHA Streamline Refinance program’s special feature is that it does not require a home appraisal regardless of what your home is actually worth today. In another words, FHA does not care if you are underwater on your mortgage and you can keep taking the advantage of lower interest rate without the fear of property value.

FHA Cash-Out Refinancing Loan:

The FHA cash out refinance is ideal for borrowers who might now qualify for a conventional loan to tap into their equity. The credit qualification requirements through the FHA are more lenient and less documentation is required. Borrowers are allowed to take cash out of their property up to 85% of its appraised value.

VA IRRRL – Streamline Refinance:

An Interest Rate Reduction Refinancing Loan (IRRRL) is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan and with a lower principal and interest payment than the existing VA loan. If you currently have a VA Home Loan you may qualify for a Streamline Refinance and low interest rates. The Interest Rate Reduction Refinance Loan (IRRRL) may be the easiest loan available today.

Key Features of VA- Interest Rate reduction Refinancing Loan are:

• NO Appraisal required, regardless of property value even underwater mortgages
• NO Income Verification allow you to take full advantage of new lower rates
• NO Out of Pocket closing cost

VA Cash-Out Refinance Loan:

The VA Cash-Out refinance mortgage program gives qualified veterans the unique opportunity to refinance their conventional or VA mortgage into a lower interest rate while extracting cash from the home equity. Qualified Veterans borrowers can refinance up to 100% of their home value to pay off existing mortgage and other debts or simply take cash out for personal use and home improvements.

The VA cash out refinance program is also what is used for borrowers who need to switch from a non-VA mortgage to a VA home loan. Even though there may not be any cash received back at closing, it is still treated as a VA cash out refinance since the proceeds of the new loan will be used to pay off a non-VA mortgage lender.

DU Refi Plus (HARP):

The Fannie Mae DU Refi Plus® program is a fixed rate/term refinance program with limited cash-out refinance of existing Fannie Mae loans already owned or guaranteed by Fannie Mae. The existing loan must have been acquired by Fannie Mae prior to June 1, 2009. This program is designed to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices.

Freddie Mac Relief Refinance (HARP):

The Freddie Mac Relief Refinance Mortgage– Open Access supports the Federal Making Home Affordable Program by helping borrowers who are making timely payments but have been unable to refinance due to declining home values. The mortgage being refinanced must:

• • Be a first-lien, conventional mortgage currently owned or securitized by Freddie Mac.
  • Have a Freddie Mac settlement date on or before May 31, 2009. NOTE: This requirement must be manually applied.

Our Certified Mortgage Planner Specialists will guide you through each stage of the process and provide you with expert advice along the way. We are committed to making the home refinance process clear, informative, and simple. At Guardian Mortgage, we understand that you want to get the best refinance deal. That’s why we are committed to providing you with the information you need to make well informed decisions.

When you are ready, simply Apply Online, Request Personalized Rate Quote or call us at 703-349-1084 to speak with live person.